1 st QUARTER 2013 HIGHLIGHTS
- Net loans increased by $16.7 million, or 2.8%, since December 31, 2012.
- Total deposits grew by $13.0 million, or 1.8%, since December 31, 2012.
- Net income available to common stockholders was $1.3 million or $0.19 per basic share for the first quarter of 2013 as compared to $1.8 million, or $0.26 per basic share for the same period in 2012.
- The first quarter Return on Average Assets (ROAA) and Return on Average Equity (ROAE) were 0.61% and 7.26%, respectively compared to ROAA and ROAE of 0.88% and 10.89%, respectively, for the first quarter of 2012.
- The net interest margin for the first quarter of 2013 was 4.36% as compared to 4.51% for the same period in 2012.
- Non-performing assets decreased to 0.94% of total assets at March 31, 2013 as compared to 1.31% at March 31, 2012 and 1.12% at December 31, 2012.
- The ratio of the allowance for loan losses as a percent of gross loans was 0.66% at March 31, 2013.
- We received all required regulatory approvals for our merger with WSB Holdings, Inc. (WSB) and we expect to complete the merger during the second quarter of 2013.